Club Eco Conference: sport, a vector of image and prosperity for Monaco

As part of Club Eco Monaco*, the Monaco Economic Board and Groupe Nice-Matin organised a conference on the contribution of sport to Monaco's economy. The various speakers all emphasised the extent to which the prestigious sporting events held in the Principality contribute to its prosperity.

The Monaco Grand Prix, the Rolex Monte-Carlo Masters, the basketball and football teams, the Monte-Carlo Rally, Jumping Monte-Carlo... the list is far from complete. Yet, these events alone contribute to the Principality's influence and prosperity, not to mention the 'soft power' generated by the many top sportsmen and women who live in Monaco and the princely couple's well-known involvement in the world of sport.

This is what Claire Fissore, Head of the Marketing Division at the Tourism and Convention Authority, explained in her introduction, putting into perspective the exceptional density of top-level sporting events, which attract hundreds of thousands of spectators and benefit all players in the Principality's tourism industry. "It is interesting to note that the average room rate is highest in May, the month of the Grand Prix, and not in August, as is usually the case for this type of destination.” 

Christian Huault, Editor-in-Chief of Nice-Matin, moderated the roundtable, then gave the floor to Alexandre Bubbio, Director of IMSEE**, who gave some figures on companies whose activity is directly linked to sport. The 287 establishments involved generated sales of €448 million in 2023 (up 28% in 2019) and employed 1,301 people (up 8.1% in 2019).

As several of the interviewees mentioned, sport is part of the Principality's DNA, which makes it a legitimate business tourism destination in this field. This is what Monaco Mediax has understood by organising the Sportel trade show since 1990, which is dedicated to sport business, particularly with regard to media rights. Its Executive Director Loris Menoni points out that in 2023, the event attracted 2,000 decision-makers from 71 countries to the Principality.

Next up were representatives from three of the Principality's major sporting bodies: ASM FC, the ATP Tour, which co-organises the Rolex Monte-Carlo Masters, and the Automobile Club de Monaco, which is responsible for organising the Monaco Grand Prix and the Monte-Carlo Rally, as well as their electric and historic versions.

They all emphasised the significant impact of their events on Monaco's reputation. Thibaut Chatelard, Marketing & Revenue Director at ASM FC, pointed out that the football team's squad includes players of many nationalities, such as Takomi Minamino, who enjoys a high profile in his home country. ASMFC organises press trips to the Principality for Japanese journalists, which indirectly contributes to its appeal. In addition, the Club's social networks have a total of 24 million followers.

Geoffroy Bourbon, Executive Vice-President Europe of the ATP Tour, pointed out that the 127-year-old tennis tournament attracts more than 140,000 spectators. Its media impact represents 40 million television viewers worldwide and 167 million views on social networks.
Finally, Richard Micoud, Head of Communications and Media, naturally returned to the economic impact of the Grand Prix measured in 2017, valued at €90 million, and recalled the logistical challenge and know-how of the more than 60 Monaco-based companies that are helping to transform the Principality into a Formula 1 circuit. Another impressive figure is that the 30,000 press covers generated by the Grand Prix around the world are valued at €200 million. Just another way of saying that Monaco loves sport, and the sport loves Monaco back...

The conference ended with a particularly lively question-and-answer session, which seemed to confirm the interest and involvement of Monaco's entrepreneurs in sports. This was followed by coffee and pastries to continue the discussion and, as usual, encourage the exchange of business cards.

* Coordinated by Groupe Nice-Matin in collaboration with the Monaco Economic Board, Club Eco Monaco also brings together: the Caisse d'Epargne Côte d'Azur, the Monaco Government Communications Department, the Grimaldi Forum, Monte-Carlo Société des Bains de Mer and SMEG.

**IMSEE : Monaco Statistics

Photo credits MEB / P.H. Sébastien Darrasse